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Global capital flows and financing constraints

Author: Ann E Harrison; Inessa Love; Margaret Stokes McMillan; National Bureau of Economic Research.
Publisher: Cambridge, MA. : National Bureau of Economic Research, ©2002.
Series: Working paper series (National Bureau of Economic Research), no. 8887.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: Firms often cite financing constraints as one of their primary obstacles to investment. Global capital flows, by bringing in scarce capital, may ease host-country firms' financing constraints. However, if incoming foreign investors borrow heavily from domestic basnks, direct foreign investment (DFI) may exacerbate financing constraints by crowding host country firms out of domestic capital markets.  Read more...
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Additional Physical Format: Print version:
Harrison, Ann E.
Global capital flows and financing constraints.
Cambridge, MA. : National Bureau of Economic Research, ©2002
(OCoLC)49725414
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Ann E Harrison; Inessa Love; Margaret Stokes McMillan; National Bureau of Economic Research.
OCLC Number: 49792431
Notes: "April 2002."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (35, [12] pages).
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), no. 8887.
Responsibility: Ann E. Harrison, Inessa Love, Margaret S. McMillan.

Abstract:

Abstract: Firms often cite financing constraints as one of their primary obstacles to investment. Global capital flows, by bringing in scarce capital, may ease host-country firms' financing constraints. However, if incoming foreign investors borrow heavily from domestic basnks, direct foreign investment (DFI) may exacerbate financing constraints by crowding host country firms out of domestic capital markets. Combininb a unique cross-country firm-level panel with time-series data on restrictions on international transactions and capital flows, we find that different measures of global flows are associated with a reduction in firm-level financing constraints. First, we show that one type of capital inflow--DFI--is associated with a reduction in financing constraints. Second, we test whether restrictions on international transactions affect firms' financing constraints. Our results suggest that only one type of restriction--those on capital account transactions--negatively affect firms' financing constraints. We also show that multinational firms are not financially constrained and do not appear to be sensitive to the level of DFI. This implies that DFI eases financing constraints for non-multinational firms. Finally, we show that DFI only eases financing constraints in the non-G7 countries.

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